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Thursday, 27 December 2012

Supersaver _ Regular saving for a safer tomorrow

     Regular saving is the best tool to protect ones family. We at Bajaj Allianz Life Insurance realize the value of your saving and present a nonlinked, participating regular premium endowment plan, which will help you to save regular amounts for a safer tomorrow.


Super Saver

A Savings Insurance Plan




  • Extra Protection with in-built Accidental Death Benefit

  • Guaranteed Additions of amount equal to 4% of Sum Assured at the end of each policy year, provided all premiums till date have been paid

  • Policy shall remain in-force for full sum assured for 2 successive years even if you forget to pay your premiums on due date.

  • Tax benefits on premiums paid and benefits received under Section 80C and Death Benefit, Maturity Benefit and Surrender Value are eligible for tax benefits under Section 10(10)D.

Death Benefit:


  • Sum Assured plus Guaranteed Additions plus the Vested Bonus

  • In case of accidental death an additional sum assured shall be payable.

Maturity Benefit:


On survival till the end of Policy Term the Company shall be liable to pay the Sum Assured plus Vested Bonus per Section 6 plus Guaranteed Additions per Section 7.

Additional Rider Benefits:

    The following additional benefits in the form of rider can be availed at the option of the Policyholder but shall be available only to those Policyholders who have taken the Policy for a Sum Assured of Rs.50,000 or above.

  • Accidental Permanent Total / Partial Disability Benefit Rider

  • Family Income Benefit Rider

Loan Benefit:

Policy loan equal to 90% of the surrender value can be availed under the plan



Parameter                     Minimum                  Maximum

Annual Premium          Rs. 1,055/-                   No Limit

Sum Assured               Rs.20,000/-                 No limit

Age at entry                18 Years                       60 Years

Policy term                  10 Year                       30 Years

Payment mode:

     Annual mode only.






                                          Email: navodhayamanagementgroup@gmail.com
                                                                 Contact : 8714476620




 Bajaj Allianz Super Saver is a Traditional Life Insurance Policy.



For more details, kindly call us today on the number mentioned above.

Tuesday, 20 November 2012

Advantages of Life Insurance

Life Insurance provides the dual benefits of savings and security. The following benefits explain
why this investment tool should be an integral part of your financial plans.


Advantages of Life Insurance


Risk Cover - Life today is full of uncertainties; in this scenario Life Insurance ensures that
your loved ones continue to enjoy a good quality of life against any unforeseen event.

Planning for life stage needs - Life Insurance not only provides for financial support in the event
of untimely death but also acts as a long term investment. You can meet your goals, be it your
children's education, their marriage, building your dream home or planning a relaxed retired life,
according to your life stage and risk appetite. Traditional life insurance policies i.e. traditional
endowment plans, offer in-built guarantees and defined maturity benefits through variety of
product options such as Money Back, Guaranteed Cash Values, Guaranteed Maturity Values.
 
Protection against rising health expenses - Life Insurers through riders or stand alone health 
insurance plans offer the benefits of protection against critical diseases and hospitalization expenses.
This benefit has assumed critical importance given the increasing incidence of lifestyle diseases
and escalating medical costs.
 
Builds the habit of thrift - Life Insurance is a long-term contract where as policyholder, you have
to pay a fixed amount at a defined periodicity. This builds the habit of long-term savings. Regular
savings over a long period ensures that a decent corpus is built to meet financial needs at various
life stages.
 
Safe and profitable long-term investment - Life Insurance is a highly regulated sector. IRDA,
the regulatory body, through various rules and regulations ensures that the safety of the
policyholder's money is the primary responsibility of all stakeholders. Life Insurance being a
long-term savings instrument, also ensures that the life insurers focus on returns over a long-term
and do not take risky investment decisions for short term gains.
 
Assured income through annuities - Life Insurance is one of the best instruments for retirement
planning. The money saved during the earning life span is utilized to provide a steady source of
income during the retired phase of life.
 
Protection plus savings over a long term - Since traditional policies are viewed both by the
distributors as well as the customers as a long term commitment; these policies help the
policyholders meet the dual need of protection and long term wealth creation efficiently.

Growth through dividends - Traditional policies offer an opportunity to participate in the
economic growth without taking the investment risk. The investment income is distributed
among the policyholders through annual announcement of dividends/bonus.
Facility of loans without affecting the policy benefits - Policyholders have the option of taking
loan against the policy. This helps you meet your unplanned life stage needs without adversely
affecting the benefits of the policy they have bought.
 
Tax Benefits-Insurance plans provide attractive tax-benefits for both at the time of entry and
exit under most of the plans.
 
Mortgage Redemption- Insurance acts as an effective tool to cover mortgages and loans taken
by the policyholders so that, in case of any unforeseen event, the burden of repayment does not
fall on the bereaved family.


 
Contact No : 8714476620
 

Plan your tax in advance


     Tax planning is very important...... To reduce your tax liability you should invest in instruments that offer you an additional Rs. 1,00,000 tax benefit in addition to basic tax relief. Well, a life insurance policy offers you one such avenue to claimNotification to an insurance company that payment of an amount is due under the terms of the policy. tax benefits and also offers you and your family protection against any unforeseen circumstances.
 
      If you make your investments at the beginning of the year, and then take into account the tax deductible, you can easily decide your monthly and yearly expenses. It is clever to consider tax planning within the scope of your financial planning as neither one can be considered in isolation.

      Life insurance policies can be useful tax planning tools, because the policy holder is eligible for tax benefits under the Income Tax Act 1961 (Act). Though there are multiple modes for saving tax, life insurance is one of the most effective tax planning instrument. Plans from Bajaj Life Insurance can be used for protection, long term savings and tax planning. There are two kinds of income tax benefits available to individuals with respect to long term savings being made in Life Insurance policies:

  • Deductions

Tax Slabs

This explains how the various tax brackets in India work and how much tax relief we are all eligible for. The new tax structure was initiated on 1st April 2012.
The tax structure is as follows:


Tax slabs for Financial Year 2012-2013 (Assessment Year 2013-2014)
For Individuals below 60 years of age


Income Level


Tax Rate
Upto Rs. 2,00,000Nil
Rs. 2,00,001 - Rs. 500,00010%
Rs. 500,001 - Rs. 10,00,00020%
Above Rs. 10,00,00030%

Tax slabs for Financial Year 2012-2013 (Assessment Year 2013-2014)
For Senior Citizens aged 60 years
or above but less than 80 years
For Very Senior Citizens aged
80 years or above
 
Income Level

Tax Rate

Income Level

Tax Rate
Upto Rs. 250,000Nil--
Rs. 250,001-Rs. 500,00010%Upto Rs. 500,000Nil
Rs. 500,001-Rs.10,00,00020% Rs. 500,001-Rs.10,00,00020%
Above Rs. 10,00,00030%Above Rs. 10,00,00030%

Surcharge on Income Tax:
There is no surcharge on Income Tax for the Financial Year 2012-2013 for Individuals.

Education Cess & Secondary & Higher Education Cess on Income Tax
Education Cess @ 2% & Secondary & Higher Education cess @ 1% will be payable on the amount of income tax.

Service Tax

All premiumA regular payment made to the insurance company to keep the policy in force.s and charges are subject to applicable taxes including service tax, education cess and secondary & higher education cess as applicable under the prevailing tax laws. With effect from April 1, 2012, Service Tax Rate has been changed to 3.09% on first year premiumA regular payment made to the insurance company to keep the policy in force. and 1.545% on subsequent year premiumA regular payment made to the insurance company to keep the policy in force. for traditional endowment & annuityA contract sold by a life insurance company that provides fixed or variable payments to a recipient, either immediately or at a future date. products and 12.36% for ULIP, Term, Health products & Riders.
 

Disclaimer
  • The above are extracts from the Income Tax Act’1961. Please note that tax laws are subject to change and hence before placing reliance on the above, the latest version of the above section should be checked. It should also be noted that the change in tax laws could have retrospective effect also.
  • This information should not be construed as expert tax, legal or investment opinion from Bajaj  Allianz Life Insurance Company Limited. Bajaj Allianz Life Insurance Company Limited would not be responsible in any manner for decisions made on the basis of above information.
  • Please consult your tax advisor for claiming tax benefits on insurance products.
  • Please note that the revised tax benefits and slabs presented in the Union Budget 2012 shall be applicable post Finance Bill 2012 gets passed and is enacted as law.

Contact No. : 8714476620

Tuesday, 6 November 2012

Retire Rich

After Retirement, your regular income may stop but your expenses would not.  In fact, they might increase.


Are you covered?




 


Why do I need a Retirement Plan?

     We work hard throughout our lives so that we can live comfortably during the best years of our life. Actually, the 'best years' begin when we are through with all our responsibilities of life.

After retirement, your regular income may stop but your expenses would not. In fact, they might increase.
Imagine a situation where you have a regular flow of income, even after retirement. A retirement solution would not only help you with a regular inflow of money but would also maintain your existing lifestyle so that you can Retire Rich.

    You may or may not have a retirement plan through your employer. If you don't have an Employer-Sponsored Retirement Plan, you will need to focus on funding your retirement. Also look at other post retirement benefits that you might receive like – health expense cover for an army officer, fixed pension for a government employee, etc.

    However, relying completely on the benefits made available by the employer or the government may leave you in a difficult position as these have their own limitations. Also, the unexpected expenses that may arise are not covered by these securities. 


 How Much  Will I Need?


  • Decide the Age at which you want to retire
  • Decide the Annual Income you’ll need for your retirement years
  • Add up the Current Market Value of your Savings and Investment 
  • Estimate for your Future Health Expenses 

Cash Rich


     At retirement what we look at is financial security. A flow of guaranteed income provides that financial security.

     Bajaj Allianz CashRich plan offers guaranteed cash back of 5% of sum assured per year along with a cash bonus, which would be your regular income.


Key features




  • Accumulated compound reversionary bonus on completion of premium payment term.
  • Cash Back benefit of 5% of the sum assured plus cash bonus, if any declared every year, during the cash back period end.  
  • Sum Assured plus terminal bonus, if any on maturity of the policy.
  • Select your policy term from 10 years to 65 years depending on your financial need.
  • Select your limited premium paying term (PPT) from 5 years to 30 years, in multiple of 5 only.
  • Pay your future premiums in advance and get benefit of appropriate discounts.


Friday, 19 October 2012

Family CareFirst - A health insurance plan for the entire family




    The health of your family is very important to you. When faced with hospitalization or one or more family members, the medical bills can severely dent your savings. The cost associated with hospitalization might be very high and you need to be better prepared for such an emergency.

     Buying Medical Insurance for each individual family member can be cumbersome and expensive. What if there is a solution that gives you a single tool to cover your entire family - all in one? Bajaj Allianz Family CareFirst presents an innovative yet practical health care plan for everyone in your family including children and parents. This unique hospitalization plan gives you a 3-year health cover for your entire family and allows you to renew the policy after every 3 years to keep your family covered till the age of 74 years. So no separate accounts, repetitive paperwork or payment adjustments for each member. Secure your entire family in one shot.

Download Brochure


Key Benefits


  • Coverage from 3 months to age 74 with guaranteed renewals
  • 3 year premium guarantee for each policy term
  • Hospitalization Cover in leading hospitals across the country
  • 15% discount on prevailing premium on every renewal
  • No claim bonus in the form of increase in sum assured @5% every year
  • Day Care Treatment for 140 day care procedures
  • Pre-Hospitalization and Post-Hospitalization Benefit
  • Reimbursement of Ambulance expenses
  • Choice to select Health Critical Illness rider
  • Choice to include Your spouse, children and parents
  • Cash Less Service Facility in leading hospitals across the country

 Why Bajaj Allianz ?

  • Best services in the industry
  • In- house fast settlement of claims
  • Consistent performance of the company for clean underwriting practices
  • Large spectrum of products like Hospitalisation covers, personal accident's covers , top ups Critical illness ,Hospital cash along with other lines of business.
  • Provides cashless benefit across India
  • Only company providing e opinion in the market

For policy wordings click here


Wednesday, 17 October 2012

Importance of Health Insurance

     The need for having a health policy is a very important one and yours truly got a dose of it himself when he was whisked into a hospital for a week with acute viral fever. A chronic disease, disability or serious injury to you or your family members can set you back by a packet and disturb your peace of mind. Rest easy with Health Insurance




Because " HEALTH IS WEALTH "


     Hospital bills for very small to considerably large ailments are a pain. It’s difficult to meet such costs on our own without burning a hole in our savings. Also, with medical costs escalating, some even compromise on quality healthcare, because of affordability. It is then that the importance of health insurance comes into the picture. Health Insurance provides us with the ability to afford better healthcare facilities for ourselves and our loved ones.
What’s more, you can also enjoy tax benefits.

Under Section 80D:

     Investments made towards medical insurance premium paid qualifies for deduction under section 80D from your income up to a defined limit.

  Understanding the concept of health insurance

     Health Insurance in India, popularly known as Mediclaim, is nothing but an Insurance which covers expenses related to necessary Hospitalization due to a Sickness or an Accidental Injury. A standard mediclaim covers comprehensive costs of Hospitalization, which include:

•Investigation costs before the hospitalization like Medical Tests, Doctor Fees,

•It includes cost for ambulance

•All costs while in the hospital which include room charges, surgery charges, diagnostic tests etc.

•Costs incurred post hospitalization for complete recovery, for example follow up doctor visits, diagnostic tests, medicines connected to the Hospitalization.

No insurance means financial burden for an individual


     For individuals and families that are not having mediclaim or little, any hospitalization means spending money from their pocket to pay the hospital. With the current medical costs in India and worldwide rising year after year, this can set you back big time. In a country like India where you still boast of joint families and support to elderly parents, the probability of hospitalization each year is more. If you keep paying from your pocket each year, then essentially you have lost the plot of making money. Being uninsured is a dumb move to make.


Benefits of a health insurance plan

     Due to skyrocketing inflation, quality healthcare, hospitalisation is becoming very expensive. Large hospitalisations which cost lakhs of rupees can seriously burn a very big hole in one’s savings or worse, burden one with huge debt. Health Insurance plans help in spreading such a risk to larger no. of people, and hence bring the costs down per person.

How does a health insurance works?

     Health Insurance is generally an annual Insurance policy, renewable every year. The policy covers Hospitalisation due to Sickness and Accidental Injury, subject to certain exclusions and waiting periods, which are explicitly mentioned in the policy wordings. You can claim Health Insurance in 2 ways – Cashless or Reimbursement.

•Cashless – Every Insurance Company has a network of Hospitals where they have a direct billing arrangement. In such cases Insurance Companies directly pay the admissible claim amount to the hospital. When the insured person is admitted in a Network Hospital, he/she or his/her relative would need to just submit his/her cashless card to the hospital billing desk, who will process cashless admission for the patient, subject to approval by the Insurance Company. In such cases, the Insured person will have to pay only expenses which are not covered under the Health Insurance Policy.

•Reimbursement – In case you happen to be admitted in a Hospital which is not in the network of your Insurance Company, you will have to make all payments on your own to the Hospital, and then submit these original papers along with the Claim Form to the Insurance Company for reimbursement.

Tips while buying the right insurance plans

•One needs to understand that there is no perfect plan. Understand your needs well, plan for the long term, and go for the closest suitable plan. Don’t wait for that perfect plan with everything covered to arrive and risk delaying your coverage.

•Remember, you are buying an insurance for your old age. With health care inflation at 20%, do not go for a small sum insured of Rs. 1 lakh, if you can afford more. A premium of around 25% of your monthly salary is surely affordable.

•Demand the policy wordings (where all terms and conditions of the policy are mentioned) of the product you are going to buy. Before you sign the dotted line.

•Do not solely depend on health insurance from your employer. Employer sponsored coverage is changing every year according to claims experience and budgets of your employer. You may suddenly find yourself or your family with very low or no coverage. It is becoming more and more difficult to get insurance for people above 45 years or people who have an ailment or health condition like diabetes/thyroid/hypertension etc.

•Check the maximum renewal ceasing age of the policy. This is the age when your policy will discontinue. Today, there are policies available which can be renewed for lifetime. Go for lifetime renewable policies.

•Ensure you spend time in finalising a good health insurance advisor, who would provide you unbiased advice across all leading insurance cos., as well as assist you for renewals and claims in the long term.

EXCLUSIONS
  1. Diseases already in existence at the time of buying insurance.
  2. During the first year,  treatment for cataract, benign prostatic hypertrophy, hysterectomy for menorrhagia or fibromyoma, hernia, hydrocele, congenital internal disease, fistula in anus, piles, sinusitis and related disorders.
  3. Any dental treatment or surgery of a corrective or cosmetic nature, unless it requires hospitalisation and is carried out under general anaesthesia and is necessitated by illness or accidental injury.
  4. Treatment of obesity and any other weight control programs.
  5. Vaccination, cosmetic treatments (including complications attributable to cosmetic treatments), experimental, investigative or unproven procedures or treatments, devices and pharmacological regimens of any description.
  6. Voluntary medical termination of pregnancy, pregnancy, child birth or their consequences, including changes in chronic conditions as a result of pregnancy.
  7. Naturopathy treatment.
  8. Injury while taking part in hazardous activities, including adventure sports, or as a member of the defence services and security entities.
  9. Charges incurred in connection with the provision or fitting of hearing aids, spectacles or contact lenses.
  10. Alcohol, drugs, HIV, AIDS and all related medical conditions.

Top 5 FAQs on health insurance

1.What is Family Floater?

     Family Floater is a very cost effective product, that covers an entire family under one policy and one fixed cover. This fixed cover is shared with the family members, i.e. if Vermas, a family of three buys a Family Floater Mediclaim of 3 lakhs, the full family covered can make claims of upto Rs. 3 lakh in a year, subject to other terms and conditions in the policy. In most policies Self, Spouse, and Kids are covered in a family floater policy. On the other hand, Individual Mediclaim is a product where each member is covered under a separate coverage. Taking individual policies turns out to be more expensive than Family floater. If you are a young couple, Family floater would be a better choice.

2.What is Pre-existing Diseases?

     Pre-existing Ailments or Diseases are Symptoms, Diagnosed Ailments, or any existing or past health condition which exist at the time of applying for Mediclaim Policy. When you apply for a Mediclaim, please ensure you provide a detailed medical background about your family. Ailments which already exist, are generally covered by Mediclaim after 4 years. In a recent trend, most Insurance companies now have started putting permanent exclusions for Pre-existing diseases in the policy.

3.Is Maternity Covered in health insurance?

     No, Maternity and expenses related to Maternity are not covered under Standard Mediclaim. There are some policies which provide Maternity cover after an initial waiting period of 2 to 4 years.

4.What is TPA?

    TPA is 24X7 outsourced agency of the Insurance Company, which keeps records of the policies issued by the Insurance Company, including people covered, benefits and exclusions. The TPA maintains the network of hospitals for the Insurance Company and provides the Cashless Card to the Insured Persons. TPAs process all claims including Cashless and Reimbursement claims on behalf of the Insurance Company.

5.Will Cashless Card provide Emergency Service?

    No, Cashless Card is not like a Credit card which can be swiped at the Hospital and you don’t have to make any payments. The authorization of Cashless between the Insurance Company/TPA and the Hospital normally takes 5-8 hours, and hence cannot be depended on for Emergencies. In emergency cases, Hospitals may demand a deposit to admit the Insured patient. Always have a Credit Card with a good balance handy for such exigencies.


Monday, 15 October 2012

Child Plan



    As parents you wish to provide your child with best possible atmosphere to grow and prosper in life. Education is a significant ingredient as part of that upbringing. Higher education costs are doubling every five years. Rising education costs going forward can upset your calculations due to substantial hike in education costs now and definitely in years to come. So make sure you save enough to cushion yourself against the rise and you as a parent need to plan your finances carefully so as to build a substantial corpus for your child's bright future.

Biggest worries for parents when saving for their child education is:

1) Rising cost of education
2) No knowledge of investment options
3) Not saving enough
4) Starting too late

So do evaluate the following questions as you plan for your child's education:

1. What proportion of your monthly income is saved for child's education?

2. When did you start saving for this goal? Have you earmarked investments specifically for your child's education? How often do you withdraw from investments meant for child education? What is the biggest challenge you are facing in saving for child's education?

3. What kind of investment options such as fixed income options (FDs, PPF), equity funds and stocks, traditional endowment and money back insurance plans, ULIPs and child ULIPs have you invest in and is it sufficient to meet your goal?


ChildGain
"Because your child has miles to go and you have promises to keep!"




Jiyo befikar

Fore more details feel free to contact us on navodhayamanagementgroup@gmail.com